1 00:00:04,050 --> 00:00:07,050 Sean Aylmer: Welcome to the Fear & Greed daily interview. I'm Sean Aylmer. 18 2 00:00:07,620 --> 00:00:10,559 Sean Aylmer: months ago I spoke to Robert Giles, the Chief Executive 3 00:00:10,560 --> 00:00:14,880 Sean Aylmer: Officer of iconic Australian brand SPC. SPC was in the 4 00:00:14,880 --> 00:00:17,670 Sean Aylmer: firing line as the first company outside of the healthcare 5 00:00:17,670 --> 00:00:21,840 Sean Aylmer: sector to mandate vaccinations for staff. It was a decision motivated 6 00:00:21,840 --> 00:00:25,110 Sean Aylmer: by a need to provide a safe workplace, but also 7 00:00:25,110 --> 00:00:27,690 Sean Aylmer: to ensure the company could continue to meet the demand for 8 00:00:27,690 --> 00:00:30,210 Sean Aylmer: its products. I wanted to check in with Robert to 9 00:00:30,210 --> 00:00:32,729 Sean Aylmer: see how the company's traveling. When we spoke, it was 10 00:00:32,729 --> 00:00:37,409 Sean Aylmer: expanding quite quickly, acquiring businesses, including a frozen food company 11 00:00:37,409 --> 00:00:41,280 Sean Aylmer: servicing hospitals, and it was eyeing opportunities for global expansion 12 00:00:41,280 --> 00:00:43,590 Sean Aylmer: too. Robert Giles, welcome back to Fear & Greed. 13 00:00:44,310 --> 00:00:44,849 Robert Giles: Thanks, Sean. 14 00:00:45,720 --> 00:00:48,750 Sean Aylmer: Last time we spoke, late 2021 was a tough time 15 00:00:48,780 --> 00:00:52,350 Sean Aylmer: for you and a challenging time for SPC, copping a 16 00:00:52,350 --> 00:00:54,870 Sean Aylmer: lot of flack for the decision you made over the 17 00:00:54,870 --> 00:00:59,160 Sean Aylmer: vaccine. Now, plenty of companies then followed your lead. Any 18 00:00:59,160 --> 00:01:03,601 Sean Aylmer: regrets in that decision and what it brought with it? 19 00:01:03,601 --> 00:01:06,750 Robert Giles: Yeah. No, there was no regrets in the decision and while we, 20 00:01:06,750 --> 00:01:10,559 Robert Giles: obviously, from one portion of the market received a fair 21 00:01:10,560 --> 00:01:15,030 Robert Giles: bit of feedback, we also received overwhelming support for showing 22 00:01:15,030 --> 00:01:19,890 Robert Giles: the leadership, and as just said, companies followed pretty quickly and 23 00:01:19,890 --> 00:01:22,890 Robert Giles: only Qantas and Virgin were quick to come after us 24 00:01:23,190 --> 00:01:24,990 Robert Giles: and make the same mandate 25 00:01:25,650 --> 00:01:28,170 Sean Aylmer: Company like SPC, I mean, you are an iconic company. You 26 00:01:28,170 --> 00:01:31,380 Sean Aylmer: were spun out of Coca- Cola a few years back. 27 00:01:31,380 --> 00:01:33,539 Sean Aylmer: Everyone has known that brand though for a long, long 28 00:01:33,540 --> 00:01:37,319 Sean Aylmer: time. Is that sort of publicity, good publicity or not? 29 00:01:38,400 --> 00:01:42,270 Robert Giles: Yeah, I think it was. It talked to the fact that we're 30 00:01:42,510 --> 00:01:46,320 Robert Giles: engaged with our consumer base, that we were concerned about 31 00:01:46,830 --> 00:01:50,520 Robert Giles: protecting food supply for the Australian community. We're a science- 32 00:01:50,520 --> 00:01:54,360 Robert Giles: based company in terms of the food we manufacture and keep safe, and 33 00:01:54,360 --> 00:01:56,100 Robert Giles: the science was telling us that this was the right 34 00:01:56,100 --> 00:01:58,950 Robert Giles: thing to do, so we were pretty quick to come 35 00:01:58,950 --> 00:02:02,220 Robert Giles: to the decision. Also, at that time, Delta had just 36 00:02:02,220 --> 00:02:06,600 Robert Giles: started and was really looking to be disruptive, and we 37 00:02:06,600 --> 00:02:11,190 Robert Giles: needed to keep the Shepparton community safe and our workers safe, and 38 00:02:11,190 --> 00:02:13,710 Robert Giles: that's why we were pretty quick to move ahead. 39 00:02:14,280 --> 00:02:17,490 Sean Aylmer: Okay, for those listeners who don't know SPC perhaps as 40 00:02:17,490 --> 00:02:20,220 Sean Aylmer: well as some of us. A hundred million cans of 41 00:02:20,220 --> 00:02:24,359 Sean Aylmer: food each year. That's right? Apples, apricots, peaches, pears, plums, tomatoes. 42 00:02:24,960 --> 00:02:28,139 Robert Giles: Yeah, that's right. And we supply also, products into the 43 00:02:28,139 --> 00:02:30,600 Robert Giles: health and aged care sector as well. So it's not 44 00:02:30,600 --> 00:02:32,700 Robert Giles: just about making sure that there's food on the shelves 45 00:02:33,330 --> 00:02:36,869 Robert Giles: for supermarkets, which is obviously a large part of our business, 46 00:02:36,870 --> 00:02:41,760 Robert Giles: but our SPC Care division supplies health and aged care facilities. 47 00:02:42,150 --> 00:02:45,270 Robert Giles: We're also an ingredient supplier to many other food manufacturers 48 00:02:45,270 --> 00:02:48,090 Robert Giles: that need fruit as part of their products, like yoghurts and their fruit that goes 49 00:02:50,070 --> 00:02:54,060 Robert Giles: into them as one, or tomato or baby food apple supplies. 50 00:02:54,330 --> 00:02:58,320 Robert Giles: So we've got quite a broad offering and so we touch 51 00:02:58,320 --> 00:03:01,770 Robert Giles: many parts of the food chain within Australia and that's 52 00:03:01,770 --> 00:03:04,740 Robert Giles: why it's important for us to be able to keep the food rolling out. 53 00:03:05,310 --> 00:03:08,130 Sean Aylmer: Okay. Am I right in saying that you're largely Goulburn 54 00:03:08,130 --> 00:03:10,920 Sean Aylmer: Murray food bowl region, Victorian border with New South Wales? 55 00:03:11,340 --> 00:03:13,649 Sean Aylmer: I mean, that's a big chunk of your produce. 56 00:03:14,160 --> 00:03:17,040 Robert Giles: Yeah, so we call it the Goulburn Valley, which is 57 00:03:17,040 --> 00:03:21,330 Robert Giles: that northwest portion of Victoria, so Shepparton would be right in 58 00:03:21,330 --> 00:03:23,700 Robert Giles: the heart of it. And it's got a long history. 59 00:03:23,880 --> 00:03:29,040 Robert Giles: Company's over 105 years old. It's a big irrigated area, 60 00:03:29,310 --> 00:03:31,739 Robert Giles: a lot of infrastructure put in a long time ago 61 00:03:32,040 --> 00:03:36,240 Robert Giles: to irrigate the whole valley and supplies not only us... 62 00:03:36,240 --> 00:03:38,250 Robert Giles: I think we probably take about 8% of the fruit 63 00:03:38,280 --> 00:03:39,450 Robert Giles: out of the Goulburn Valley. 64 00:03:39,660 --> 00:03:39,990 Sean Aylmer: Oh, wow. 65 00:03:40,020 --> 00:03:42,810 Robert Giles: But it goes obviously to the apples and pears and 66 00:03:42,810 --> 00:03:45,570 Robert Giles: peaches and nectarines that people pick off the shelf every 67 00:03:45,570 --> 00:03:49,980 Robert Giles: day from their fresh produce departments or grocers. 68 00:03:50,430 --> 00:03:52,410 Sean Aylmer: Okay. I've got to ask you. We heard lots about 69 00:03:52,410 --> 00:03:54,930 Sean Aylmer: the floods... I mean the fires, but the floods more 70 00:03:54,930 --> 00:03:57,960 Sean Aylmer: so in the last couple of years, particularly in New 71 00:03:57,960 --> 00:04:01,710 Sean Aylmer: South Wales and Queensland, probably to a lesser extent in 72 00:04:01,710 --> 00:04:04,200 Sean Aylmer: Victoria. How did you manage through that period? 73 00:04:05,100 --> 00:04:07,860 Robert Giles: Yeah. Well, I think early on, you're right, the floods 74 00:04:07,860 --> 00:04:13,650 Robert Giles: hit north, but come October, the Goulburn Valley received massive 75 00:04:13,920 --> 00:04:17,700 Robert Giles: levels of floods right up to their record periods. So 76 00:04:17,700 --> 00:04:21,570 Robert Giles: our fields had just been planted with tomatoes in Rochester, 77 00:04:22,050 --> 00:04:26,610 Robert Giles: and Rochester went totally underwater. In fact, Shepparton must have been 50 78 00:04:26,610 --> 00:04:27,721 Robert Giles: per cent under water. 79 00:04:27,721 --> 00:04:28,141 Sean Aylmer: That's right. 80 00:04:28,200 --> 00:04:33,659 Robert Giles: It went over the Goulburn Murray Highway, Valley Highway. So 81 00:04:34,410 --> 00:04:37,169 Robert Giles: our staff couldn't get into the factory. We lost a 82 00:04:37,650 --> 00:04:41,610 Robert Giles: good portion of our tomatoes this season due to those floods. 83 00:04:41,700 --> 00:04:45,119 Robert Giles: The good thing is that the orchards, the trees survived, 84 00:04:45,180 --> 00:04:47,940 Robert Giles: and so we're able to get fruit, but definitely our tomato 85 00:04:47,940 --> 00:04:52,470 Robert Giles: supplies have been impacted this year for the upcoming season. 86 00:04:53,160 --> 00:04:55,169 Sean Aylmer: How do you manage through that though? Is it a 87 00:04:55,170 --> 00:04:58,680 Sean Aylmer: matter of just not being able to produce as much 88 00:04:58,740 --> 00:05:01,650 Sean Aylmer: as last year? Is it more of a pricing issue? 89 00:05:02,040 --> 00:05:03,000 Sean Aylmer: How does that work out? 90 00:05:03,690 --> 00:05:06,299 Robert Giles: There's lots of different levers that we can pull. We'll 91 00:05:06,300 --> 00:05:10,529 Robert Giles: probably get another third of our normal volume this year, but 92 00:05:10,589 --> 00:05:13,109 Robert Giles: we had some tomatoes still in the shed, so we 93 00:05:13,110 --> 00:05:14,910 Robert Giles: always have a bit of a carryover, so that'll help 94 00:05:14,910 --> 00:05:18,089 Robert Giles: us get through a couple of months. We reduce the 95 00:05:18,089 --> 00:05:24,029 Robert Giles: amount of products that are in the marketplace and we prioritise the Ardmona brand to 96 00:05:24,029 --> 00:05:27,270 Robert Giles: make sure that it's on the shelf. We're hopeful that the 97 00:05:27,270 --> 00:05:31,170 Robert Giles: normal chopped and crushed tomatoes and Rich & Thick brand will 98 00:05:31,170 --> 00:05:33,960 Robert Giles: be available all year long. There obviously won't be many 99 00:05:33,960 --> 00:05:36,690 Robert Giles: promotions on it, but the most important thing is that 100 00:05:36,690 --> 00:05:39,510 Robert Giles: we keep constant supply to the end of the year. 101 00:05:40,830 --> 00:05:43,529 Robert Giles: Once the new season comes in February, we can get 102 00:05:43,560 --> 00:05:47,100 Robert Giles: into brand new stock next year. It's really about making 103 00:05:47,100 --> 00:05:49,770 Robert Giles: what we've got, making the best of it. We've got 104 00:05:49,830 --> 00:05:52,080 Robert Giles: some tricks that we can use in terms of how 105 00:05:52,080 --> 00:05:56,130 Robert Giles: much diced versus tomato paste we manufacture, and we'll also 106 00:05:56,130 --> 00:05:59,430 Robert Giles: be trying to maximise the amount of diced, so therefore 107 00:05:59,430 --> 00:06:02,279 Robert Giles: it'll hit our tomato paste supplies that we normally supply 108 00:06:02,279 --> 00:06:05,100 Robert Giles: as an ingredient to other companies. So we've just had 109 00:06:05,100 --> 00:06:05,940 Robert Giles: to prioritise. 110 00:06:06,330 --> 00:06:08,219 Sean Aylmer: Stay with me, Robert. We'll be back in a minute. 111 00:06:14,520 --> 00:06:18,120 Sean Aylmer: My guest this morning is Robert Giles, CEO of SPC. 112 00:06:18,870 --> 00:06:24,750 Sean Aylmer: What about labour? Fruit pickings one of those industries that relies on transitional labour, obviously 113 00:06:24,750 --> 00:06:28,109 Sean Aylmer: international labour as well. Has that gone back to normal yet? 114 00:06:28,710 --> 00:06:31,560 Robert Giles: Not quite. I think the farmers have been... They've done 115 00:06:31,560 --> 00:06:33,690 Robert Giles: a really good job over the couple of years and 116 00:06:33,690 --> 00:06:37,080 Robert Giles: they obviously organise their own labor for picking the fruit as 117 00:06:37,110 --> 00:06:40,020 Robert Giles: we take it in, and we're not as have been 118 00:06:40,020 --> 00:06:44,250 Robert Giles: dependent on that transient labour that comes into pick fruit. 119 00:06:44,610 --> 00:06:47,130 Robert Giles: But definitely we have a seasonal spike where we need 120 00:06:47,310 --> 00:06:51,060 Robert Giles: extra labour to help us get through the season. And 121 00:06:51,060 --> 00:06:55,140 Robert Giles: this year we've been less impacted than last year. Last 122 00:06:55,140 --> 00:06:58,080 Robert Giles: year we had to prioritise bringing the fruit in versus 123 00:06:58,350 --> 00:07:01,020 Robert Giles: finishing it off, which led to some out of stocks this year. 124 00:07:01,350 --> 00:07:05,339 Robert Giles: We're confident that with our plans we'll get through with 125 00:07:05,339 --> 00:07:09,150 Robert Giles: the labour that's available, but it's absolutely an ongoing issue 126 00:07:09,390 --> 00:07:11,190 Robert Giles: and it's very tied to week to week. 127 00:07:12,060 --> 00:07:14,040 Sean Aylmer: Okay. Then the other one, of course is energy. I'm 128 00:07:14,040 --> 00:07:17,040 Sean Aylmer: going to throw transport into that. Transport is broader than 129 00:07:17,040 --> 00:07:20,850 Sean Aylmer: energy. How did you manage through the last 12 or 18 months 130 00:07:21,090 --> 00:07:24,900 Sean Aylmer: given energy costs, given just the difficulty of getting transport 131 00:07:24,900 --> 00:07:25,350 Sean Aylmer: at times? 132 00:07:26,100 --> 00:07:29,520 Robert Giles: Yeah. I think we've worked through getting the transport. We've 133 00:07:29,520 --> 00:07:33,750 Robert Giles: got some good providers in Shepparton that get us full container 134 00:07:33,750 --> 00:07:37,800 Robert Giles: loads up the East Coast and onto SCT across the 135 00:07:37,800 --> 00:07:41,160 Robert Giles: Nullabor. But definitely the price of diesel has affected us, 136 00:07:41,160 --> 00:07:44,280 Robert Giles: and even above what I budgeted there was over probably 137 00:07:44,280 --> 00:07:47,220 Robert Giles: another one and a half to 2 million dollars of diesel 138 00:07:47,220 --> 00:07:50,880 Robert Giles: costs that hit our business. But that seems to be 139 00:07:50,880 --> 00:07:55,080 Robert Giles: plateauing now. In terms of energy, electricity, and gas, we're 140 00:07:55,080 --> 00:07:58,530 Robert Giles: big users of both, but we've been on a contract 141 00:07:58,530 --> 00:08:01,020 Robert Giles: that will finish at the end of this calendar year. 142 00:08:01,500 --> 00:08:06,690 Robert Giles: We're seeing energy prices for electricity be circa 10% more, 143 00:08:06,990 --> 00:08:10,830 Robert Giles: but our gas prices more than doubled, which we're working 144 00:08:10,830 --> 00:08:14,040 Robert Giles: through at the moment to see what investments that we can 145 00:08:14,040 --> 00:08:17,490 Robert Giles: make to become more efficient. And as we are doing with electricity as 146 00:08:17,490 --> 00:08:20,250 Robert Giles: well, we're working through some big solar projects, which is 147 00:08:20,250 --> 00:08:22,320 Robert Giles: the right thing to do as well to be more 148 00:08:22,320 --> 00:08:25,140 Robert Giles: efficient, but also there's a payback on that as well. 149 00:08:26,130 --> 00:08:28,830 Sean Aylmer: Just in terms of the solar and renewable energy, certainly 150 00:08:28,830 --> 00:08:31,800 Sean Aylmer: some of the biggest, the Woolworths and the Coles and 151 00:08:31,800 --> 00:08:35,400 Sean Aylmer: some of these guys are under great pressure to tell 152 00:08:35,400 --> 00:08:38,340 Sean Aylmer: investors exactly what energy, not just that they use but 153 00:08:38,340 --> 00:08:42,599 Sean Aylmer: their suppliers use. Have you had to rethink how you 154 00:08:42,600 --> 00:08:46,380 Sean Aylmer: consume energy and measure energy as a result of that? 155 00:08:47,550 --> 00:08:50,880 Robert Giles: Yeah, we have, and our board is quite concerned about 156 00:08:51,480 --> 00:08:54,000 Robert Giles: doing the right thing and we've developed, as a new 157 00:08:54,000 --> 00:08:58,590 Robert Giles: business spinning out a Coke, as you mentioned, an ESG strategy, 158 00:08:58,740 --> 00:09:02,400 Robert Giles: which is continually going to be something investors and the community 159 00:09:02,400 --> 00:09:04,920 Robert Giles: and our customers are going to expect that we're doing 160 00:09:04,920 --> 00:09:08,250 Robert Giles: the right thing in. And obviously being a recipient of 161 00:09:08,250 --> 00:09:11,160 Robert Giles: what nature provides them, there's a big incentive for us 162 00:09:11,280 --> 00:09:13,350 Robert Giles: to make sure that we're doing the right thing also. 163 00:09:14,490 --> 00:09:17,610 Robert Giles: We are absolutely measuring and we can measure the energy 164 00:09:17,610 --> 00:09:20,850 Robert Giles: we consume, put lots of different initiatives. It's just not 165 00:09:20,850 --> 00:09:24,449 Robert Giles: one silver bullet. But there are a lot of initiatives available. 166 00:09:24,450 --> 00:09:26,970 Robert Giles: There's a lot of capital in the market available to 167 00:09:26,970 --> 00:09:30,600 Robert Giles: support these types of projects, and we're really going through 168 00:09:30,900 --> 00:09:35,130 Robert Giles: plans at the moment to put solar on roof, solar farms, 169 00:09:35,130 --> 00:09:38,579 Robert Giles: we'll look at wind, working with Goulburn Valley Water on 170 00:09:38,790 --> 00:09:43,140 Robert Giles: potential hydrogen projects. We're evaluating everything. And like I said, 171 00:09:43,140 --> 00:09:44,729 Robert Giles: I think it's the right thing to do. We have 172 00:09:44,730 --> 00:09:48,660 Robert Giles: a ESG strategy, but it's also... It can make good 173 00:09:48,660 --> 00:09:49,441 Robert Giles: financial sense as well. 174 00:09:49,441 --> 00:09:54,839 Sean Aylmer: Yep. Yep. Okay. I mean, it's been quite a 12 months or 18 months, but 175 00:09:54,840 --> 00:09:58,469 Sean Aylmer: from what you are saying, Robert Giles, CEO of SPC, 176 00:09:58,860 --> 00:10:02,130 Sean Aylmer: you have come through that and you're on track. What 177 00:10:02,130 --> 00:10:04,920 Sean Aylmer: is the future? What does the future hold? What's the 178 00:10:04,920 --> 00:10:05,640 Sean Aylmer: next few years for SPC? 179 00:10:05,640 --> 00:10:10,470 Robert Giles: Yeah. We haven't changed our strategy. I think COVID obviously 180 00:10:10,470 --> 00:10:14,309 Robert Giles: put on hold some of our international expansion that we wanted to do, but 181 00:10:14,309 --> 00:10:17,580 Robert Giles: we've been out and about as well. Again, we're looking 182 00:10:17,580 --> 00:10:22,890 Robert Giles: at expanding our footprint in Europe with some key acquisitions 183 00:10:23,280 --> 00:10:27,420 Robert Giles: and we look to expand in this marketplace. Our healthcare business 184 00:10:27,420 --> 00:10:29,850 Robert Giles: that we bought that provides frozen meals to New South 185 00:10:29,850 --> 00:10:36,000 Robert Giles: Wales hospitals and NDIS is growing strongly and we continue to 186 00:10:36,210 --> 00:10:40,002 Robert Giles: bring better food for the future. And that includes 187 00:10:39,990 --> 00:10:42,450 Robert Giles: making a global position for SPC. 188 00:10:43,200 --> 00:10:47,670 Sean Aylmer: Do you think it's easier being privately owned than a 189 00:10:47,670 --> 00:10:51,209 Sean Aylmer: part of an ASX listed company? Because I'm right in 190 00:10:51,210 --> 00:10:55,140 Sean Aylmer: saying that Shepparton Partners Collective owns you, which is like 191 00:10:55,140 --> 00:10:57,630 Sean Aylmer: a joint venture between a fund manager and a private 192 00:10:57,630 --> 00:11:00,480 Sean Aylmer: equity group. Does that make things easier when you're doing 193 00:11:00,480 --> 00:11:01,740 Sean Aylmer: this sort of expansion? 194 00:11:02,700 --> 00:11:06,300 Robert Giles: Yeah, I think it does and it provides us some 195 00:11:06,300 --> 00:11:10,230 Robert Giles: agility and speed. We've got really engaged owners that understand 196 00:11:10,230 --> 00:11:13,500 Robert Giles: our business well, and they finance us obviously, but are also 197 00:11:13,500 --> 00:11:17,400 Robert Giles: part of that strategy and execution. They allow us to 198 00:11:17,400 --> 00:11:21,870 Robert Giles: make good decisions quickly. Haven't worked under a public ASX 199 00:11:21,870 --> 00:11:25,439 Robert Giles: business personally. That may be part of the future for SPC at 200 00:11:26,700 --> 00:11:30,059 Robert Giles: some particular stage. But at the moment, I think private 201 00:11:30,059 --> 00:11:32,220 Robert Giles: ownership is a good place for us to be while 202 00:11:32,220 --> 00:11:33,300 Robert Giles: we grow this quickly. 203 00:11:34,020 --> 00:11:35,580 Sean Aylmer: Robert, I'm going to put you on the spot here 204 00:11:35,580 --> 00:11:38,309 Sean Aylmer: and I apologise, but I've been told to. Michael Thompson, 205 00:11:38,309 --> 00:11:43,470 Sean Aylmer: my co- announcer on the Fear & Greed daily podcast, he 206 00:11:43,470 --> 00:11:45,480 Sean Aylmer: wrote a book and I know you know that because 207 00:11:45,480 --> 00:11:48,120 Sean Aylmer: you actually admitted that you'd started reading it. What's it like? 208 00:11:48,120 --> 00:11:48,990 Sean Aylmer: Come on, be honest. 209 00:11:49,800 --> 00:11:51,960 Robert Giles: Yeah, I'm about a hundred pages in. 210 00:11:53,370 --> 00:11:53,400 Sean Aylmer: Oh. 211 00:11:53,490 --> 00:11:58,110 Robert Giles: It's not what I expected. It's quite a creative story, 212 00:11:58,110 --> 00:12:01,980 Robert Giles: but so far enjoying it and looking to see how 213 00:12:01,980 --> 00:12:06,121 Robert Giles: this particular gentleman can be remembered. 214 00:12:06,121 --> 00:12:08,609 Sean Aylmer: Yes. Fair . Well put. Robert, thank you very much for talking 215 00:12:08,610 --> 00:12:09,390 Sean Aylmer: to Fear & Greed. 216 00:12:10,050 --> 00:12:10,980 Robert Giles: Thanks. Thanks, Sean. 217 00:12:11,460 --> 00:12:15,090 Sean Aylmer: That was Robert Giles, Chief Executive Officer of SPC. This 218 00:12:15,090 --> 00:12:17,429 Sean Aylmer: is the Fear & Greed daily interview. Join us every morning 219 00:12:17,429 --> 00:12:20,069 Sean Aylmer: for the full episode of Fear & Greed, Australia's most popular 220 00:12:20,070 --> 00:12:23,010 Sean Aylmer: business podcast. I'm Sean Aylmer. Enjoy your day.